ForteBank reports full early redemption of Eurobonds XS1153772725, XS1154028200 (ASBNe14)

20.12.19, 14:39
/KASE, December 20, 2019/ – ForteBank (Nur-Sultan), whose securities are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the press release dated December 20, 2019, which states as follows: quote ForteBank reports full early redemption of bonds issued by the bank on December 15, 2014, worth US $236,570,000 maturing in 2024. Guram Andronikashvili, Chairman of the Management Board of ForteBank commented on the news: "Early redemption of Eurobonds was made at the expense of own funds, due to the high level of capital adequacy and liquidity of Forte. This year, the bank achieved a significant increase in all financial and operating indicators and became one of three top banks in the country in terms of assets. With this repayment, we return funds invested by investors five years ahead of schedule on mutually beneficial terms." In 2019, Fitch Ratings has improved the outlook of ForteBank’s ratings from "Stable" to "Positive". Meanwhile, Moody's Investors Service has upgraded long- term rating on ForteBank’s deposits from B3 to B1, outlook Stable and S&P Global Ratings rating agency has upgraded ForteBank's ratings from "B" to "B+" also with stable outlook. This early repayment will allow the bank to significantly reduce the cost of financing using its excess dollar liquidity. unquote Detailed information is available on KASE website (in Russian) at – https://kase.kz/files/emitters/ASBN/asbn_reliz_201219_1.pdf [2019-12-20]